KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as on October 28, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 14.85 | 15.35 |
| 2 – Week | 14.93 | 15.43 |
| 1 – Month | 15.04 | 15.54 |
| 3 – Month | 15.51 | 15.76 |
| 6 – Month | 15.58 | 15.83 |
| 9 – Month | 15.59 | 16.09 |
| 1 – Year | 15.61 | 16.11 |
READ MORE: Karachi Interbank Offered Rates KIBOR – October 27, 2022
KARACHI: The Pakistani Rupee (PKR) on Friday crashed against the dollar owing to political instability following by long march started by Pakistan Tehreek I Insaaf (PTI).
The exchange rate recorded a decline of 97 paisas in rupee value to end at PKR 222.47 to the dollar from previous day’s closing of PKR 221.50 in the interbank foreign exchange market.
READ MORE: Dollar climbs to PKR 221.50 on rising political tension
The rupee lost PKR 2.74 against the dollar during the last three sessions since the PTI chief announced the protest rally.
PTI Chief Imran Khan was removed as prime minister through a vote of no confidence by the allied political parties in April this year. Imran Khan claimed that his government was toppled by a conspiracy.
Prior to the announcement of the long march, the rupee witnessed recovery against the greenback due to removal of Pakistan name from the grey list of the Financial Action Task Force (FATF).
Further, the sentiments were also improved due to commitment of Asian Development Bank (ADB) to finance the country. The ADB approved a financing of $1.5 billion to the country. Currency experts said that the approval of loan program by the ADB helped the rupee to make gain.
READ MORE: Rupee slips sharply to dollar on PTI long march
Interestingly, the amount of $1.5 billion was received last night by the State Bank of Pakistan (SBP). However, the fund transfer also failed to support the local currency.
Previously, the rupee was also supported by contraction in current account deficit during the first quarter of the current fiscal year.
Pakistan’s current account deficit has recorded a decline of 37 per cent to $2.21 billion during first quarter (July – September) of fiscal year 2022/2023, according to official data released last week.
READ MORE: Rupee recovers to PKR 219.73 against dollar
The current account deficit of the country was $3.53 billion in the same quarter of the last fiscal year.
Contraction in current account deficit can be attributed to significant fall in trade deficit. The trade deficit also contracted by 21.32 per cent to $9.22 billion during first quarter of the current fiscal year as compared with the deficit of $11.72 billion in the same quarter of the last fiscal year.
READ MORE: Dollar slips to PKR 220.41 on improved economic sentiments
Furthermore, the local currency also received support as the level of foreign exchange reserves were remained flat.
Pakistan’s weekly foreign exchange reserves increased nominally to $13.251 billion by week ended October 14, 2022 as compared with $13.247 billion a week ago i.e. October 7, 2022.
KARACHI – The State Bank of Pakistan (SBP) has released the foreign exchange rates for October 28, 2022, reflecting the value of the Pakistani Rupee (PKR) against various major currencies.
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KARACHI: Headline inflation based on Consumer Price Index (CPI) likely to increase by 22.7 per cent Year on Year (YoY) in October 2022.
Analysts at Arif Habib Limited expect that October 2022 inflation to settle at 22.7 per cent YoY compared to 9.91 per cent in October 2021 and 23.18 per cent in September 2022, respectively.
READ MORE: Pakistan’s headline inflation rises 23.2% in September 2022
With this, average inflation for first four months of the fiscal year 2022-2023 clocks-in at 24.5 per cent compared to 8.73 per cent in the same months of the previous fiscal year.
The YoY uptick in CPI will likely be led by Food (33.3 per cent YoY), Transport (50.1 per cent YoY), Housing (1.2 per cent YoY), Restaurants & Hotels (30.6 per cent YoY), Household Equipment (25.9 per cent YoY), Recreation & Culture (24.8 per cent YoY), Clothing & Footwear (17.9 per cent YoY) and Miscellaneous (24.7 per cent YoY).
On a Month on Month (MoM) basis, CPI reading is expected to increase 1.5 per cent. This month we expect MoM inflation to remain under pressure mainly on the back of surge in prices of Food items.
READ MORE: Pakistan’s headline inflation hits 47-year high in August 2022
The Food Index is expected to post an increase of 3.3 per cent MoM in October 2022.
As per Sensitive Price Index (SPI) data published by the Pakistan Bureau of Statistics (PBS), increase in average prices of wheat, onions, tomatoes and tea will keep the inflation in-check.
On the contrary, the transportation index is likely to post a decline of 3.9 per cent MoM on account of cut in domestic petroleum product prices.
Moreover, Housing index is expected to post marginal increase of 0.2 per cent MoM, despite quarterly house rent adjustment, mainly due to decline in LPG prices.
READ MORE: Pakistan’s sensitive price inflation surges by 45%
Headline inflation remains elevated while core inflation continues its upward trajectory. However, with high base-effect kicking-in, headline numbers are expected to come down.
On the monetary policy front, the State Bank of Pakistan (SBP) in its latest monetary policy meeting held on Oct 10th, 2022 kept the benchmark policy rate unchanged at 15 per cent.
As per the SBP, this current stance was taken in lieu of a continued deceleration in economic activity as well as a decline detected in headline inflation since the last meeting.
Moreover, the MPC was of the view that the existing rate prudently strikes a balance between maintaining growth post floods and managing inflation.
READ MORE: Pakistan’s sensitive price inflation surges by 37.67%
KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on October 28, 2022.
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KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on October 28, 2022.
One Ripple (XRP) in Pakistani Rupee (PKR) is Rs101.64 on October 28, 2022 at 01:50 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs103.96 at closing on October 27, 2022.
The rate of Ripple in US Dollar (USD) is $0.46 on October 28, 2022 at 01:50 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.47 at closing on October 27, 2022.
READ MORE: Ripple to PKR, USD on October 27, 2022
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Dogecoin to PKR, USD on October 28, 2022
KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on October 28, 2022.
One Dogecoin to PKR is Rs16.41 on October 28, 2022 at 01:50 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs16.22 at closing on October 27, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.07 on October 28, 2022 at 01:50 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.07 at closing on October 27, 2022.
READ MORE: Dogecoin to PKR, USD on October 27, 2022
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Bitcoin to PKR, USD on October 28, 2022
KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on October 28, 2022.
One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,454,335.50 on October 28, 2022 at 01:50 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,553,593.53 at closing on October 27, 2022.
The rate of Bitcoin in US Dollar (USD) is $20,121.22 on October 28, 2022 at 01:50 PM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $20,741.22 at closing on October 27, 2022.
READ MORE: Bitcoin to PKR, USD on October 27, 2022
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Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.
KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on October 28, 2022.
One Dogecoin to PKR is Rs16.41 on October 28, 2022 at 01:50 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs16.22 at closing on October 27, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.07 on October 28, 2022 at 01:50 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.07 at closing on October 27, 2022.
READ MORE: Dogecoin to PKR, USD on October 27, 2022
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Ripple to PKR, USD on October 28, 2022
KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on October 28, 2022.
One Ripple (XRP) in Pakistani Rupee (PKR) is Rs101.64 on October 28, 2022 at 01:50 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs103.96 at closing on October 27, 2022.
The rate of Ripple in US Dollar (USD) is $0.46 on October 28, 2022 at 01:50 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.47 at closing on October 27, 2022.
READ MORE: Ripple to PKR, USD on October 27, 2022
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Bitcoin to PKR, USD on October 28, 2022
KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on October 28, 2022.
One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,454,335.50 on October 28, 2022 at 01:50 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,553,593.53 at closing on October 27, 2022.
The rate of Bitcoin in US Dollar (USD) is $20,121.22 on October 28, 2022 at 01:50 PM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $20,741.22 at closing on October 27, 2022.
READ MORE: Bitcoin to PKR, USD on October 27, 2022
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Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.
KARACHI: The official weekly foreign exchange reserves of the State Bank of Pakistan (SBP) fell by $157 million to $7.44 billion by week ended October 21, 2022, the central bank said on Thursday.
The official foreign exchange reserves of the SBP were at $7.597 billion a week ago i.e. October 14, 2022.
READ MORE: Pakistan’s weekly forex reserves increase nominally
The central bank attributed the decline to external debt repayments.
SBP however said it h ad received $1.5 billion from Asian Development Bank (ADB) in value on October 26, 2022 as disbursement of loan for the Government of Pakistan. These proceeds will be reflected in SBP reserves for the week ending October 28, 2022.
READ MORE: Pakistan’s forex reserves continue to fall; deplete to $13.25 billion
The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP dropped by $12.706 billion.
Previously, the central bank received $1.16 billion from the International Monetary Fund (IMF) under Extended Fund Facility (EFF) program, which increased the official reserves to $8.8 billion. But scheduled repayment gradually depleted the official reserves of the central bank.
READ MORE: Pakistan’s forex reserves decline to $13.59 billion
The total foreign exchange reserves of the country fell by $89 million to $13.162 billion by week ended October 21, 2022 as compared with $13.251 billion a week ago.
The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $14.066 billion.
The foreign exchange held by commercial banks witnessed an increase of $68 million to $5.722 billion by week ended October 21, 2022 as against $5.654 billion a week ago.
The Karachi Tax Bar Association (KTBA) has strongly criticized tax authorities for their handling of unresolved issues surrounding the filing of income tax returns for the tax year 2022.
(more…)KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on October 27, 2022.
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